- Snowflake (NYSE:SNOW) stock got upgraded to a “buy” rating today
- However, it also got hit with a lowered price target
- Shares of SNOW are slipping alongside other internet stocks on Tuesday
Snowflake (NYSE:SNOW) stock is on the move Tuesday after Rosenblatt Securities analyst Blair Abernethy upgraded the shares.
This upgrade has Abernethy bumping shares of SNOW stock up to a “buy” rating from the former “neutral” rating. That matches analysts’ consensus rating of “buy” for the shares. This comes from 20 “buy” ratings, seven “hold” ratings, and two “sell” ratings.
While the Rosenblatt Securities analyst did upgrade SNOW stock, they also dropped its price target. This saw them dropping it from $325 per share to $255 per share. Even so, that still represents potential upside of 62% over the stock’s closing price on Monday. Also, the analysts’ consensus price target for SNOW shares is sitting at $275.47.
So what’s behind the upgrade for SNOW stock today? Here’s what Abernethy said in a note obtained by CNBC.
“Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSP’s), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y.”
Despite the new analyst rating for SNOW stock, shares aren’t seeing higher trading levels today. On that same note, the stock is slipping 5.5% as of Tuesday afternoon. This is likely due to news pulling down internet stocks today.
Luckily for investors, we’ve got a few deep dives into what’s affecting internet stocks on Tuesday!
One of the biggest factors hitting interest stocks today is a profit warning from Snap (NYSE:SNAP). This is dragging down other internet companies, such as The Trade Desk (NASDAQ:TTD). News about a lawsuit involving Meta Platforms (NASDAQ:FB) also isn’t helping matters today. You can read up on all of these topics at the following links!
More Tuesday Internet Stocks News
- SNAP Stock Plunges 40% on Huge Profit Scare
- The Trade Desk (TTD) Stock Slumps 19% as Snap Drags Internet Companies Down
- Why Is Meta Platforms (FB) Stock Down 8% Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.